Dan Oksnevad

Bitcoin's cheap, we want more.

Bitcoin is at its 200-week moving average tonight of ~$68k. Historically, that’s been one of the best times to increase risk exposure to Bitcoin. It’s also when the way a Bitcoin company is built matters most. Investors in Strive know our amplification comes only from preferred equity, and that we keep large cash reserves. They also understand we have no encumbered Bitcoin and are uniquely positioned to withstand dips. What I think is less understood is the value of having two deeply liquid preferred equities already trading, and how that lets us turn dips into a higher amplification ratio when Bitcoin recovers. Said another way, these dips can make us even more valuable because of the engines and structure we have in place. Think about the three ways a Bitcoin company with amplification could go through a drawdown: 1. Bad debt terms. A drawdown can force you to sell Bitcoin at the worst possible time. You don’t just round-trip when Bitcoin recovers. You permanently impair shareholder value. 2. No engine. Bitcoin falls, your stock falls, Bitcoin recovers, and you end up roughly where you started. 3. Liquid preferred equity with real demand already in the market. You can issue more preferred while Bitcoin is cheap, and come out the other side with a higher amplification ratio than you went in with. That third path is what Strive has done over the last year. Last Dec 31, Bitcoin was ~$87.5K and our amplification ratio was 30%. By Sep 30, Bitcoin was back near that level at ~$83.6K. Our amplification was 55%. Similar Bitcoin price, but with almost double the amplification. Even as Bitcoin rose 43% off the June low, which on its own should have cut our amplification from 67% to ~47%, we held at 55%. After launching SATS and with tonight’s dip, our amplification ratio is now over 70%. Year to date, ASST is up ~51% while Bitcoin is down ~19%. I believe this performance is primarily due to the structure we’ve very intentionally built with no debt and no pledged Bitcoin. That means no margin calls or debt maturities, and it lets us think long term and act opportunistically when Bitcoin dips. I don’t think the market properly values this yet, and additionally rarely uses discounted forward-return modeling when assessing what a Bitcoin treasury company is worth. On a forward view of total returns under reasonable Bitcoin bull scenarios, I believe our common equity is undervalued, even though most mNAV calculations would show over 1x. There is a lot more to discuss on this, but it’s why we removed mNAV calculations from our dashboard over the past week. mNAV captures a single moment in time and treats our operating company as if it were just a passive fund. The discount we see in our equity is why we haven’t issued common equity over the past couple of weeks. We had some excess cash above our 18-month dividend reserve, and at these levels we’d view common issuance as dilutive, even with an mNAV over 1x, and ideally minimized unless we viewed it as necessary to invest in the long term success of our Digital Credit business. Bitcoin dips and down years are rough for many investors, especially if you’re not used to Bitcoin’s volatility. As long-time Bitcoiners, we’ve always understood it. We built Strive on purpose not just to withstand that volatility, but to add value for our common shareholders through it. We remain very constructive on Bitcoin risk going into 2027 and view these dips not only as an opportunity but as a blessing. We’ve used them to create additional value for our shareholders several times over the past year. It’s time to do it again. $ASST $SATA $SATS